EA Up 4%: CEO Riccitiello Steps Down; Warns FYQ4 Misses Estimates

By Tiernan Ray

Video game maker Electronic Arts (EA) said this afternoon its CEO John Riccitiello will resign after five years running the company, with former CEO Larry Probst,currently chairman, stepping in as executive chairman to run things until the board can find a replacement.

Riccitiello remarked that he was “proud of what we have accomplished together” and that “I feel it is the right time for me to pass the baton and let new leadership take the company into its next phase.”

The company also pre-announced fiscal Q4 revenue will will at the low end of its previously forecast range, or slightly below that, which was $1.025 billion to $1.125 billion, and that EPS will be 57 cents to 72 cents.

That is below consensus for the March quarter of $1.08 billion and 65 cents.

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